The global additive manufacturing market has been forecast to increase at a compound annual growth rate (CAGR) of 13.5% over the next five years, increasing from a valuation of $1,843.2 million in 2012, to hit a market value of $3,471.9 million by 2017.
Additive manufacturing is an automatic process used to create rapid prototypes and functional end-use parts. It takes virtual designs from Computer Aided Design (CAD) software, and transforms them into thin, virtual, horizontal layer-wise cross-sections, until the model is complete.
Key factors set to drive growth within the additive manufacturing market include new and improved technologies, financial support from governments, large application area, rapid product development at a low cost, and ease of development of custom products.
However, a few pivotal factors restraining the growth of this market are regulatory hurdles in different countries, material characterisation during development, and process control and understanding.
Europe currently dominates the additive manufacturing market, closely followed by North America. However, the adoption of novel additive manufacturing technologies in the medical field is gaining momentum at a fast pace across the emerging nations, due to growing educational and awareness efforts of industry players among physicians and patients.
Furthermore, increasing healthcare expenditure, growing income levels, low cost of manufacturing, rapid product development, growing surgical procedures in lieu with medical tourism, and lesser competition than mature countries, have amplified interest of market players in the emerging markets.
For more information on the global additive manufacturing market, see the latest research: Global Additive Manufacturing Market
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